Minister for Finance Paschal Donohoe has been re-elected as president of the Eurogroup, after those challenging him for the role pulled out of the race on the day of the vote.
Spanish economy minister Carlos Cuerpo and Lithuanian finance minister Rimantas Šadžius had both put their names forward, alongside Mr Donohoe, for the influential European Union (EU) role.
The 20 finance ministers of euro zone countries unanimously supported the re-election of Mr Donohoe as chair, during a Eurogroup meeting in Brussels on Monday afternoon.
Shortly before the meeting was due to start both Mr Cuerpo and Mr Šadžius confirmed they were withdrawing their names from consideration.
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Mr Cuerpo, who was seen as the main challenger to Mr Donohoe, said he took the decision after it became clear his his candidacy would not have enough support to be successful. Mr Šadžius similarly said he was pulling out to maintain a “consensus” in the room.
The Eurogroup usually meets once a month and brings together the finance ministers from euro zone countries to co-ordinate economic policy.
[ Paschal Donohoe well placed in Eurogroup job race despite Spanish challengeOpens in new window ]
Speaking before the Eurogroup meeting, Mr Cuerpo and Mr Šadžius both said the way the forum worked needed to change. “We have to accelerate our decisions … We have to stop talking around difficult points,” the Lithuanian minister said.
The Eurogroup needed more “dynamism” in how it acted and arrived at decisions, Mr Šadžius said.
In a statement, Mr Donohoe said he promised to remain “a genuine and honest broker” in negotiations, who would make sure “all voices and positions are taken into account” during policy debates.
“In the face of significant geopolitical challenges, the euro area has proven to be very resilient,” Mr Donohoe said. “A stronger and more competitive euro area will reinforce the international role of the euro, further enhance our resilience and prosperity to the benefit of our citizens,” he said.
“I am very grateful to my fellow ministers for the trust they have placed in me to continue leading our important work,” he said.
Heading into the contest the Fine Gael minister had more than a dozen of the 20 available votes locked up. Eleven votes are needed to be elected. It is understood both Germany and France had thrown their weight behind Mr Donohoe’s re-election bid.
Ministers whose parties sit in the same European grouping as Fine Gael, the centre-right European People’s Party (EPP), had backed Mr Donohoe remaining in the job.
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Mr Donohoe was first elected to the influential role in 2020, beating candidates from Spain and Luxembourg. He was re-elected unopposed in 2022 for a second term. The president, who chairs the meetings of finance ministers, holds the role for two-and-a half years.
The longest serving Eurogroup chair was former Luxembourg prime minister and European Commission president Jean-Claude Juncker, who was in the position from 2005 to 2013.
The Eurogroup president also attends high-level international meetings, such as the Group of Seven (G7), where the leaders of France, Germany, the United States, Italy, Canada, the UK and Japan meet.
